SME Bank comes up with programme to assist clients post-moratorium

-A +A

SME Bank is introducing the SME Relief Programme in preparation for the ending of the moratorium period on Sept 30, targeting businesses in the
tourism, transportation, education and health sectors that are either directly or indirectly affected by the COVID-19 pandemic.

It said in a statement that this programme will benefit 3,000 of its customers with total financing worth more than RM1.8 billion. The bank will be offering two forms of assistance.

The first, referred to as the Indulgence Programme, will allow the deferment of payment of both the principal and financing profit rate while the second programme is the deferment of payment of the profit rate only.

Aria Putera Ismail, group president and CEO of SME Bank added that for eligible customers, an extension from the initial financing period may also be considered.

This will allow them to manage their cash flow more efficiently and improve their business plans during the recovery period from COVID-19.

“Looking at the impact of the COVID-19 pandemic and in line with SME Bank's efforts to ensure the sustainability of SME entrepreneurs, all existing SME Bank’s customers are eligible to apply for the assistance offered and are subject to the terms and conditions of the programme.”

Minister of Entrepreneur Development and Cooperatives Datuk Sri Wan Junaidi Tuanku Jaafar said: “Since the beginning of this pandemic, SME Bank has proactively played its role in assisting the affected SME sector by offering the deferment of financing for its customers as well as rental payments for tenants at SME Bank’s Entrepreneur Premises Complex.

"SME Bank is also mandated to distribute two funds through PENJANA, namely the SME Go Scheme and SME Technology Transformation Fund (STTF), in addition to various other funds announced by the Government through PRIHATIN such as the Special Relief Fund (SRF), AgroFood, Automation and Digitalisation Facility (ADF) and All Economic Sectors Facility (AES).”

SME Bank’s customers who wish to obtain more information on the SME Relief Programme may contact the bank’s customer service centre at 03 - 26037700 or contact their branch relationship manager for more information.